charting view on 240509

Hi guys,

I thought i'll sit and do some more scrambling with the charts... so let me put it out there for further discussions...

First let us look at a bit of long time action happening at AUDUSD front...so here is the 10 year weekly chart.



The above chart shows that the long term uptrend got corrected in last years catastrophic fall... and during the correction left a weekly gap between 0.7906 and 0.6524 and the recent price action seems to fill that gap... (Hey just a quick thought... how easy it is to find the reasons/causes once the action has taken place...rather then trying to predict what will be action that might take place...:-)..)

Howver lets come back to the chart analysis... for me the worrying sign the present chart has developed is the rising wedge pattern...(I think the other user Kevi has recently illustrated about this...) so it all set to fall like a stone from the cliff... that is what i would like to interpret from the above chart...
In the event of a fall, i think the 41 ema @ 7342 (or should i use some general level like 0.75 rather then the precise values...:-) ) should act as a support (the AUD might fall slightly below that as well) OK.. lets look at the other side of the coin... what will make the AUD to fall... as far as the present moment is concerned, i'm thinking of nothing... may be just when it hits the level of 0.8181, people might think oh...we have let this run for a while... so lets have a breath...(correction)(so here i'm providing what will be typical upside from today's level (0.7843)...i.e. 0.8181 or even 0.9056) those two will be the target for me if i'm taking a long position for a longer term (in terms of weeks and months...)

OK now lets get to some short term actions...the following chart is 3 month 30 min chart...



The above chart shows a nice uptrend channel...with nice bounces between the trendlines...(i have just zoomed in the portion to show the uptrned channel...) but if zoom out you'll see the rising wedge pattern...so i'll definitely go short at the present moment from the above chart with the target of 0.7758 at short term and around 0.75 for a slightly longer term...

Guys please do not hesistate to put your views on my views... so that it'll benefit us all from the better learning and better trading...

Cheers
PMT